New Business Recovers Overpaid Taxes for New England Businesses

To the tune of millions of dollars, businesses continually overpay their Federal income taxes for a number of reasons. A new New Hampshire company is dedicated to recovering these overpayments for New England businesses.

April 21, 2003, Londonderry, NH -- New Hampshire business executives Tom James and Jeff Peters had a dream, to open a business that would benefit the New England business community. In February, they founded The Terracewood Group, a division of the Tax Recovery Group, which is dedicated to recovering overpaid federal income taxes for New England businesses.

Collectively, New England residents and businesses paid over $100 million in taxes to the IRS for the 2001 tax year. According to the General Accounting Office, in 1998 alone, there was a total of $311 million paid unnecessarily to the IRS. Many businesses continually overpay their income taxes without knowing it, because of recent numerous changes to tax laws, incorrect calculation by their CPA or tax preparer, missed exemptions and even the IRS giving incorrect information. By law, the IRS has three years to review records as many times as needed to find errors but, are not required to notify of any refund or error favoring another party. Businesses worry that an amended return will trigger an IRS audit however, the IRS itself admits this isnt the case.

New England has many small businesses, many of which are seasonal and rely heavily upon their income. Even in the short time weve been in business, weve already been able to recover several thousand dollars for New England businesses and our parent company has recovered an average of $9,000 in overpayments for businesses all over the United States. New England businesses are continually overpaying their federal income taxes and given the anticipated sum of millions of dollars in overpayments, its not surprising that the IRS isnt admitting it," said Tom James, President of the Terracewood Group.

The Terracewood Group was formed to assist businesses all over New England to recover their overpaid taxes. Their large staff of highly trained and qualified accountants, some of whom are enrolled agents and former IRS auditors, are skilled in finding missed or unused deductions. As a testament to excellence, if they arent able to recover anything, there is no absolutely no charge or further obligation.

About
The Terracewood Group, headquartered in Londonderry, NH and a division of the Tax Recovery Group who has been recovering overpaid taxes for over eight years, was formed to assist small to medium sized businesses in New England in a variety of industries in recovering their overpaid taxes. Their large staff of highly trained and qualified accountants, enrolled agents and former IRS auditors combined with their strong commitment to privacy, service and support is helping businesses all over New England to recover an average of $9,000 in overpayments.

For further information about The Terracewood Group contact Carol Arnold at 877.718.4604 or at carol@arnoldcomm.com.

# # #